Thursday, December 5, 2019

Performance Evaluation Reporting Systems †Myassignmenthelp.Com

Question: Discuss About The Performance Evaluation Reporting Systems? Answer: Introduction The impact and dominance of a company over its stakeholders is necessary and also the respect of the company in terms of positivity in the surroundings is important as well and all this is covered under and by the term Sustainability Reporting. Thought the ones who have implemented the sustainability report in their system may be less in amount, but the market is now at an uprising, which is acting together as in accordance with the incorporation of the financial and the non-financial reporting (Thomas, 2016). It has been always and mostly seen that a particular company likes to follow a particular method throughout its existence (Caradonna, 2014). This concept has been built up with a dream so as to increase the profit-making of all the stakeholders and at the same time makes advancement in the number of stakeholders trading in the market. Also, the sustainability report acts as a track record and a to-be-achieved list which marks the intentions of the performance of the company in the fields of social, economic, ethics, governance and also environmental dimensions. Since 1994 the Bunnings Warehouse is being owned by the Wesfarmers, and this warehouse is the largest known household hardware chin in the whole of Australia. This research also brings to light the fact in which the sustainability report is seen to be used by different companies so as to affect and alter the decisions of the stakeholders. Current sustainability practices of the Bunnings Warehouse As in relation to the matter of sustainability reporting, it is seen to not only act as a boon for the stakeholders of the company but is also seen to be a positive thing to be put up in the company. The companies also believe that the best way of taking decisions by stakeholders is by the use of this sustainability reporting. This can be explained by the fact that every action by the company has an equal reaction on its surrounding market as well. Maximum benefit to be provided to the stakeholders was the eager intention of the Bunnings Warehouse which is why it implemented the sustainability reporting method in its system. Though the implementation of the concept may be done a little late by the company activities in relation to the same were started long in the form of saving energy and water and still rendering possible healthy and quantity outputs for the company (Caradonna, 2014). The Bunnings Warehouse can be seen to pay attention towards the matters like responsible sourcing, waste reduction, active education, and various awareness initiatives so as to make the concept of sustainability reporting positive. From the whole explanation, it can be successfully deduced that the company intends to water and energy and to also minimize the waste products in order to uphold its sustainability priority. It can also be seen that the Bunnings Warehouse works in a direction so as to create new pioneering ideas so to relive the burden off the grid-source energy and to reduce the amount of carbon used in daily processes. A major advantage and importance of the sustainability report is the fact that it is successful in covering the loopholes which prevailed in the traditionally old reporting system and this why it is considered to be the best in a class by both the company and its stakeholders (Scott, 2009). The company should pull out some time to pay attention towards the sustainability reporting as it is healthy for the stakeholders. Sustainability reporting also highlights the measures taken up by the company so as to safeguard the environment and its resources. Sustainability reporting is the obvious reason for the increase in the demand for the non-financial information (Kruger, 2015). It also acts as a way to increase the profits of the company and the stakeholders. Recycling Bunnings warehouse pays attention to a large load of recycling items which is as per the sustainability reporting. The three key rules of the R are followed by the company to generate environmental friendly items. These three Rs are Recycle, Reuse and Reduce. Community groups and local councils also help the company to recycle and reuse the materials as per their priority and the sustainability measures to reduce waste. As per today, the company pays attention to the recycling of CFL that must not be thrown in a public area due to the presence of mercury in it. Battery back programs check the use of old batteries. Harmful and heavy metals persist in batteries that may hamper the soil. With the assistance of recycling processes, the organization decreased its landfill waste to 2.9 tons in the year 2016. Bunnings spreads awareness to reuse the old discarded timber pallets. The company also has contacts with the Queensland and South Wales which are used to buy the discarded pine pallets and reuse them. A plastic recycling program has also been taken up the company to reuse the discarded plastic strapping. Renovating old building has also been a part of the companys program in order to grow its dimensions. These recycling programs are an important step towards the safeguarding of the environment by the company. All this is done for a better future. Product safety and ethical sourcing It was thought by the Bunnings Warehouse to keep working with its partners or suppliers and at the same time increase the potential of the of the sourcing measures in accordance with Ethical sourcing program. The company also keeps close communication with its suppliers so as to check that the delivered product match up with their required standards. The company also invites auditing firms so as to get a clear view of their undertaken products so as to check that if they match up to their requirements. The company also checks the products on their level to make the product as per the expectations of the costumes. Energy efficiency Rapid change in the climate is the cause of the increasing greenhouse effect due to the increase in pollution, and this change in climate the most difficult challenge for the community. Bunnings Warehouse hopes that by the correct use of the sustainability it can cope with the rapid change in climate by deducting a number of greenhouse gases released (Wicks Colle, 2010). Gases released by the company have a dominating percentage of 85% from the use of electricity in stores and the remaining is from its produced waste. The company is making efforts to reduce the electricity consumption which includes the use of solar energy and also the installation of electricity reducing lights. The company has also made efforts for trialed climate adaptive comfort heating and cooling systems in its stores, which is considered as a more effective system for conservation of energy. All these measures have a natural air tempting technology in them. This shows that the company is on a move to better t he environment (Wicks Colle, 2010). Community assistance Helping the domestic areas, regional and national charities, and positive causes are included in the daily schedule of the Bunnings Warehouse throughout Australia. A massive amount of $37 million was raised up by it stores from community strategies. Lions Australia, Rotary, local charities and others are some of the non-profit making firms which are closely operated and provided assistance by the company. The company has also paid heed to the areas which were struck with emergencies and contingencies in association with the emergency services. Thus, the main target of the company is to generate an environment in which the companies will work in alignment and offer profits and benefits to the general public and the community. The company wants to leave its footprints with the kind of work it does for the environment. Implication for stakeholders in financial decision-making It is obvious of the stakeholders to have keenness I the affairs of the company, especially the inputs and the outputs of the company in terms of profits. It is seen that these stakeholders have the potential to affect the rise or fall of the company as per their dominance in the company (Pearce, 2012). The implementation of the sustainability reporting has led to the increase in belief in the company with facilitation in the communication of ideas and data related values so as to make a better environment as a whole (Ballot et. al, 2006). The Bunning Warehouse generally disclosed their effective measures against the risks in order to pace up their business. Governments, businesses, shareholders all gain profits from the sustainability reporting. Stakeholders like shareholders, customers, suppliers can attain knowledge about the working of the Bunnings and can have an idea about the measures of the company to expand in the future and helps them to take their own financial decisions as well. Sustainability reporting helps in reducing expenses. Another most important advantage provided by the sustainability reporting technique is that it assists in advancing the system of the company to make it function in a more enhanced way and to effectively carry out it's working (Ballot et. al, 2006). Bunnings can easily communicate with their investors regarding their KPIs and social impact in order to allow them in making relevant financial decisions. Despite all the working of the company is shown in the financial statements, still, it is demanded by the stakeholders to show the companys attitude towards a higher economic system embedded in the sustainability reports Recommendation Going by the above analysis it can be recommended that the organizations, as well as accounting advisors, must continuously seek an update in the area of sustainability reporting. It not only enhances the overall system but brings vast credibility to the process of reporting (Perrini Tencati, 2006). Also, to enhance the effectiveness of the sustainability report, the organization should have a strong command of the process of internal control so that it leads to a better form of reporting. The strategies related to the internal control are important to the integrity of the report and develops a strong trust between the management and the stakeholders (Ruffing, 2007). Conclusion The efforts made by the Bunnings in and as to the conservation of the environment can be a perfect example for the stakeholders to make crucial financial decisions in relation to the same. The efforts of the company can be shown in the form of measures adopted by the company to improvise recycling and the others relevant and environment-friendly programs. So it is obvious that these extra data acts as a boon to the stakeholders which help them in taking crucial financial decisions. This also makes the picture of the Bunnings more trustworthy. Loan offering financial institutions also demand the sustainability reports before providing loans. References Ballot, B., Heitger, D. L. Landes, C. E. 2006. The future of corporate sustainability reporting: A rapidly growing assurance opportunity. Journal of Accountancy, 20, pp. 65-74 Caradonna, J. L 2014.Sustainability: A History. Oxford University Press Freeman, E Alexander, M 2013. Stakeholder management and CSR: questions and answers. Oxford Press Kruger, P 2015. Corporate goodness and shareholder wealth. Journal of Financial economics, pp. 304-329 Pearce, J.M 2012. The Case for Open Source Appropriate Technology.Environment, Development and Sustainability, 14(3), pp. 425431. Perrini, F Tencati, A 2006. Sustainability and Stakeholder Management: the Need for New Corporate Performance Evaluation and Reporting Systems. Business Strategy and the Environment, 15, pp. 296-308 Ruffing, K 2007. Indicators to Measure Decoupling of Environmental Pressure from Economic Growth. London: Island Press. Scott, C.M 2009. Green Economics. London: Earthscan Thomas, S.A 2016. The Nature of Sustainability. Chapbook Press. Grand Rapids, Michigan Wicks, H Colle, D 2010. Stakeholder Theory, State of the Art. Cambridge University Press Answer:

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.